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  • ESMA: Speech by Verena Ross: ESMA’s role in markets reform (4 December 2012)

    04/12/2012
    Text of the above, given at the ICI Global Trading and Market Structure Conference in London follows. Topics include: ESMA’s... role and priorities; EMIR; MiFID; investment management and AIFM Directive.
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  • Final Notice: Raymond Wagner

    04/12/2012
    FSA has now published the Final Notice for this individual following the publication of the Upper Tribunal Decision in October. ... He had faced disciplinary action on the grounds that he had knowingly inflated his income to obtain a residential mortgage and had deliberately allowed false and inflated income figures to be submitted on his behalf in order to obtain four buy-to-let mortgages and in addition had failed to have in place proper systems and controls and, as a result, two employees of Ambergate Business Services Limited had been able to submit mortgage applications containing false information. As noted in the Upper Tribunal Decision. FSA expressed itself satisfied that, whilst the applicant recklessly allowed a regulated mortgage application which contained false and misleading details about his income to be submitted to a lender, his conduct was not deliberate and he did not deliberately mislead the lender and took the view that, as an approved person, he had failed to act with integrity. By this Final Notice, FSA imposes a prohibition order and a censure. FSA had originally intended to impose a fine of £100,000, but as the individual produced verifiable evidence that such a penalty would cause him serious financial hardship decided instead to impose a censure.
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  • FSCP: Disclosure not enough to guarantee consumer protection warns Panel

    04/12/2012
    This press release highlights and quotes from a speech made by Kay Blair at EIOPA’s second Consumer Strategy day in Frankfurt... in which she warns against over-reliance on information disclosure to protect consumers. FSCP believes the new KID has potential to change the way financial services products are communicated, but that it should only be regarded as one part of the framework necessary to protect consumers.
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  • HoL EU Sub Committee A - Economic and Financial Affairs: Banking union

    04/12/2012
    The Committee has today written to HMT setting out its emerging views on European banking union which warns that banking union... risks UK marginalisation and fragmentation of the single market. Among specifc comments, the Committee argues that stronger safeguards are needed to prevent a conflict of interest between ECB’s supervisory and monetary policy roles and regrets that the proposals for a Single Supervisory Mechanism will not be complemented by a common deposit insurance scheme and a common resolution scheme. The letter has been sent ahead of the European Summit scheduled for 13-14 December 2012 where banking union will be discussed. It is noted that a full report on the banking union will be published by the Committee before then.
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  • Parliamentary Commission on Banking Standards: Corporate governance below board level

    04/12/2012
    PCBS has published the uncorrected evidence from the hearing held on 28 November 2012 which was attended by Barclays Bank ...execs.
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  • BIS: Operationalising the selection and application of macroprudential instruments

    03/12/2012
    This report aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in... determining the selection and application of macroprudential instruments: the ability to determine the appropriate timing for the activation or deactivation of the instrument; .the effectiveness of the instrument in achieving the stated policy objective; and .the efficiency of the instrument in terms of a cost-benefit assessment.
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  • CP12/35***: The FCA’s use of temporary product intervention rules

    03/12/2012
    FSA is consulting on the approach FCA would take if it needed to exercise powers to make temporary rule changes, before... consultation, relating to financial services products. It is noted that rules made before consultation would last for no longer than twelve months and could not be renewed. During this time, FCA will either consult on a permanent remedy or aim to resolve the problem another way. The consultation outlines some instances which may trigger temporary rules being made, including: where a product is in serious danger of being sold to the wrong customers, for instance where complex or niche products are sold to the mass market; where a non-essential feature of a product seems to be causing serious problems for consumers and where a product is inherently flawed. Product intervention rules (temporary or not) may address a wide range of product-related issues, for instance by restricting the marketing of a product to only certain types of customer or by requiring a product feature to be removed or changed in some way. Where there is high risk to consumers, FCA might make a rule change to ban a product but it would only do so in very serious circumstances. Other possible interventions, which would not necessarily require changes to rules, would include issuing warnings, or using supervisory powers to require firms to amend promotional materials. Responses are required by 4 February 2013
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  • EC: ECOFIN meeting – 4 December 2012

    03/12/2012
    This press release highlights matters to be discussed at the meeting, including a general approach on the set of proposals for... a single supervisory mechanism for banks; CRD IV; credit rating agencies taxation; financial transaction tax and the Liikanen report.
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  • ECB: Opinion of the European Central Bank of 27 November 2012 on various draft regulatory and implementing technical standards submitted by the European Securities and Markets Authority to the Commission to be adopted by means of Commission delegated and implementing regulations supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

    03/12/2012
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  • ESMA/FINMA: Supervision of alternative investment funds

    03/12/2012
    ESMA and FINMA have announced co-operation arrangements for the supervision of alternative investment funds, including hedge funds, private equity and real... estate funds. These include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of the respective supervisory laws. This co-operation will apply to Swiss alternative investment fund managers that manage or market alternative investment funds in the EU and to EU AIFMs that manage or market AIFs in Switzerland. The agreement also covers co-operation in the cross-border supervision of depositaries and AIFMs’ delegates. The agreement will take the form of a MoU. It is noted that ESMA is currently in contact with other non-EU authorities that are members of IOSCO, and is continuing to negotiate co-operation arrangements with the relevant authorities with a view to having these in place before July 2013 (according to the AIFM Directive, the fund industry from a non- EU country whose securities regulator does not have such co-operation arrangements in place by July 2013 will not be permitted to offer or manage AIFs in the EU).
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